8 Secrets of The Self-Made Wealthy

Everyone wants more money, but most people don’t know how to make it happen. They go back to school, work harder, play the lottery and get frustrated always spinning their wheels but going nowhere fast.

This is where Steve Siebold found himself 30 years ago, $50,000 in debt. So he started interviewing wealthy people to see what he was doing wrong. What he found 1,200 interviews and 30 years later turned into one of the largest case studies on the wealthy in his book How Rich People Think. Steve found more than 100 differences how the rich look at money compared to the middle class, and he made many millions in between.

8 secrets of the wealthy that he found:

– Formal education isn’t required. The rich certainly respect formal education, but it’s not required to make money as an entrepreneur in today’s world. The secret to making the big bucks: ideas that solve problems. Since there is no shortage of ideas one can come up with, there is never a shortage of money.

– Use logical and emotional thinking: The middle class blends emotional thinking in their decision making process, which clouds their judgment. The rich use left brain, logic-based, emotionless thinking to make decisions in regards to earning, investing and saving money. They use emotion to motivate themselves to take action. Both forms of thinking have value. The secret is to know when to use which, and avoid blending the two.

– Expectations are everything: You get what you expect, and that’s true with money. Most people have very low expectations when it comes to money. Start thinking big. Expect $100,000, $500,000 or even one-million dollars this year. You might not make that much but you’ll be thinking big and more likely to attract the bigger bucks.

– Stop being afraid: Most people are terrified by money because they’re always thinking about running out. Lose the fear and scarcity mindset and start seeing money for all the good things: freedom, opportunity, possibility and abundance. Life is a lot better when you have a positive association with money.

– Join the club: Consciousness is contagious. If you wanted to lose weight, you would join a gym and get around fit people. If you wanted to become more religious, you would join a church, temple or other religious body. If you want to make more money, get around the wealthy. Learn from them. Watch how they do business. Notice how they think about money. You’ll think you’re living on a different planet.

– Vaccinate yourself from Either/Or Syndrome: Most us of have been told we can’t have it all, and we must choose between having a balanced life and being rich. The rich know you can have whatever you want, and through leverage you can earn more while working less.

– Stop waiting for it: Many people think some outside force is going to make them rich. They think the money is just going to come to them. They think maybe they’ll win the lottery. Maybe they’ll inherit it. The hero on the white horse isn’t going to come riding in to save the day. Stop waiting for your ship to come in and build your own ship.

– Use non-linear thinking to earn more money: Most of us are taught to trade hours for dollars, which is the reason the average person makes little money. The rich earn their fortunes tapping their creativity and coming up with new ideas that serve people and solve problems. It’s not how many hours you can work or the amount of midnight oil you can burn; it’s about training your mind to think about old problems in new ways.

Steve Siebold, CSP, is one of the world’s foremost experts in the field of critical thinking and mental toughness training. He is the author of seven books, two of which are international bestsellers and have been called the gold standard in the field of psychological performance training. His book How Rich People Think is based on 30 years of interviews with more than 1,200 of the world’s wealthiest people.

A former professional athlete (Top 500 tennis player in the world), Siebold could never understand why on some days he could triumph over the world’s top-ranked players, and other days would lose miserably. He started studying the mental aspects of performance, to better understand the thoughts, beliefs, philosophies and actions of world-class performers.

After his professional tennis days were over, he continued studying mental toughness and for the past 20 years has worked with Fortune 500 management teams, professional athletes, entrepreneurs and other super achiever to improve performance.

Steve’s clients include Fortune 500 companies such as Johnson & Johnson, Toyota, Procter & Gamble and GlaxoSmithKline, as well as thousands of direct salespeople in 10 countries worldwide.

As a professional speaker, Steve has been awarded the Certified Professional Speaker designation from the National Speakers Association. Steve ranks among the top 1% of income earners in the professional speaking industry worldwide.

In December 2001, Steve was appointed to the National Charity Awards Committee, Chaired by President George W. Bush.